Planet Labs Stock Hits A New All-Time High Friday: What's Going On?

Planet Labs PBC (NYSE:PL) shares are trading higher Friday morning, extending a massive rally and new all-time highs ignited by a stellar third-quarter earnings report released earlier this week. Here’s what investors need to know.

• Planet Labs stock is approaching key resistance levels. Why did PL hit a new high?

What To Know: The satellite imagery leader saw its stock soar over 30% on Thursday after delivering record revenue and raising its full-year outlook, signaling accelerating demand for its geospatial intelligence solutions.

For the third quarter of fiscal year 2026, Planet reported revenue of $81.3 million, a 33% year-over-year increase that comfortably beat analyst estimates of $72 million.

The company also achieved its fourth consecutive quarter of adjusted EBITDA profitability, posting a $5.6 million profit, and reported breakeven non-GAAP earnings per share, surpassing market expectations.

Investors were particularly encouraged by the company's strong forward-looking metrics. Planet reported a backlog increase of 216% year-over-year to $734 million, driven by contract wins with the National Geospatial-Intelligence Agency, NATO and the U.S. Navy.

Consequently, management raised its full-year fiscal 2026 revenue guidance to a range of $297 million to $301 million, well above the consensus estimate of roughly $284 million.

Wall Street responded with a wave of upgrades. Analysts from Needham, Wedbush and Clear Street all raised their price targets, with Needham hiking its target to $22.

Benzinga Edge Rankings: Highlighting this bullish sentiment, Benzinga Edge data currently shows an exceptionally strong Momentum score of 98.65 for the stock, indicating powerful positive price movement relative to the market.

PL Price Action: Planet Labs shares were up 1.49% at $17.73 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

The current price is notably above both the 50-day and 200-day moving averages, suggesting a robust upward trend. Such a position often signals a strong buying interest, as traders typically view these indicators as benchmarks for potential support levels.

The substantial distance from these averages indicates that the stock may have room to continue its ascent, provided market conditions remain favorable.

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